Litecoin Is Up By 8%, Gets Back Above $25

Litecoin Is Up By 8%, Gets Back Above $25

On December 10, Litecoin dropped below $25 and ever since, the coin has been unable to find its way back up. On Saturday when the market took yet another big hit from the bears, Litecoin dragged further below and hit a new year low of $22. At this point, there was every indication that prices would drag further down and hit $20. Surprisingly however the bulls have conjured up a response and the coin is soaring again. After starting off yesterday with marginal gains, today, the coin has pulled off a spectacular show making it the best performer among the top 20 cryptocurrencies.

The market is today green with most coins recording gains, much of these have been price corrections after the market dramatically fell during the weekend. Most of the gains are marginal, ranging from $0.50 to 5%. Bitcoin, in particular, slipped below $3,300 and went as far below as $3,192 but has at the time of press climbed back up to $3,260. Yesterday’s fall triggered a massive sell-off across the market seeing the market lose more than $4 billion.

Amidst the loss, a quick recovery played vital for Litecoin as it was able to overtake Bitcoin Cash. As we reported, a successive overtaking of Bitcoin Cash by Litecoin would make it the third case where Bitcoin Cash has been overtaken in ranking in the last 2 months. Prior to Litecoin, Bitcoin Cash was overtaken by Stellar and EOS. This move has fueled the coin’s bulls to push for a better performance from the coin and the same has resulted in the 8% surge in the last 24 hours.

At the time of press, Litecoin is trading for $25.70. In the next couple of hours, Litecoin could rally and hit over $26 as the market continues to extend its gains.

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